Wine Country real estate trends during and after the pandemic – The Ukiah Daily Journal


by Gerrett Snedaker, Wine Country Group

After the application of the “Shelter in Place” of March 2020, the residential real estate sector was essentially closed until May 2020. The market then accelerated rapidly from May to October. Statistical comparisons from one year to the next will therefore be distorted by these market aberrations.

Real estate trends in North Bay for May 2021

For all areas covered by our Multiple Listing Service (BAREIS), which includes Lake, Marin, Mendocino, Napa, Solano and Sonoma counties, there is an inventory of 1,804 homes and condominiums for sale at the end of the month. may. Inventory is 43% lower than a year ago (3,151) and 10% higher than last month’s inventory (1,635). Sometimes the inventory has exceeded 10,000 homes in the BAREIS area. There were 1,924 sales for the month of May. This number is 17% higher than a year ago (1,640) and 6% higher than last month’s rate (1,819).

Across the country, one would expect 20-25% of homes put into MLS to have a price cut before they sell. For May 2021, of all homes closed in Wine Country Markets, the range was 13% (Mendocino and Napa Counties) to 15% (Sonoma County). Conversely, the ratio of homes sold above the original list price ranged from 49% (Mendocino) to 61% (Sonoma County). It was 56% in Napa County. The average price reduction rate for all regions fell from 29% in September 2020 to 14% in May 2021, while home sales above the original list price fell from 33% to 55% during from the same period.

Mendocino County

The inventory of homes and condominiums available in Mendocino County at the end of May stands at 141. This is 40% lower than the May 2020 inventory (236) and it is 10% higher than last month’s inventory (128). New sales (70) in Mendocino County in May were 32% higher than in May 2020 (53) and 7% lower than last month (75). There is now a two month inventory in Mendocino County based on the existing sales pace. The average number of days on the market for the 64 homes sold in Mendocino County in May is 59 days. For the purposes of our MLS (BAREIS), “days to market” represents the time the property is first listed in MLS until the date the property becomes “pending” ( all conditions removed). On average, it can take an additional 0-30 days for properties to close after they are put on hold. The median price of homes closed in May in Mendocino County was $ 579,000. That’s 36% ahead of the May 2020 median price ($ 426,000) and it’s the highest median price recorded for all the months we have records for. Homes in Mendocino County are in high demand and prices are rising rapidly.

Ukiah

The inventory of homes and condominiums for sale at the end of May in Ukiah is 30 units. It’s 33% below the May 2020 level (45) and it’s slightly below last month’s inventory (31). There were 19 new sales for the month of May. This is 6% above the number of sales in May 2020 (18) and it is 35% below the sales of last month (29). There is now 1.6 months of inventory based on the current pace of sales. Days in the market for the 28 close last month were 50 days. The median price of homes sold in Ukiah over the past year has ranged from $ 370,000 to $ 505,000. The median price was $ 556,000 for homes closed in May. This was a new high for median home prices in Ukiah.

Hopland and Talmage

The inventory of houses and condominiums for sale at the end of May in Hopland and Talmage is nine units. This compares to 13 homes in inventory at the end of May 2020 and 11 homes in inventory last month. There were five new sales for the month of May. This compares to two sales in May 2020 and five new sales last month. There were four closings in the Talmage-Hopland market last month with an average market day of 94 days.

Redwood Valley and Calpella

The inventory of homes and condominiums for sale at the end of May in Redwood Valley and Calpella is 18 homes. It’s 20% above the May 2020 level (15) and it’s 39% above last month’s inventory (13). There were five new sales for the month of May. This compares to five sales in May 2020 and six new sales last month. There is a 3.6 month supply of inventory based on the current pace of sales. The median price of homes sold in Redwood Valley / Calpella over the past year has ranged from $ 400,000 to $ 655,000. There were six closings in Redwood Valley / Calpella in May at a median price of $ 603,000 and homes sold in 61 days.

Sonoma County

The inventory of homes and condominiums available in Sonoma County at the end of May stands at 740. This is 29% lower than the May 2020 inventory (1,042) and it is 13% higher than last month’s inventory (653). Forty-five percent of inventory in Sonoma County (330 homes) was priced over $ 1,000,000 at the end of May 2021. New sales (723) in Sonoma County in May were 44% higher. % at the rate of May 2020 (502) and they were 9% higher than the rate of last month (653). There is a one month supply of inventory based on the current sales rate. The time it takes to sell a house in different areas of Sonoma County (market days) ranges from 23 (Petaluma) to 63 (Oakmont) days.

For the purposes of our MLS (BAREIS), “days to market” represents the time the property is first listed in MLS until the date the property becomes “pending” ( all conditions removed). On average, it can take an additional 0-30 days for properties to close after they are put on hold. The average number of days in the market for the entire county is 40 days. The median price of the 638 homes closed in May in Sonoma County was $ 746,000. That’s 16% above the median price in May 2020 ($ 645,000). In the past four months, homes in Sonoma County have sold for 101% of their original list price.

Luxury Homes in Sonoma County

About a quarter of the inventory in Sonoma County qualifies as luxury homes (listing price over $ 1,900,000). There was a 213% increase in the number of luxury homes closed (376) from June 1, 2020 to May 31, 2021 compared to 120 closings in the period from June 1, 2019 to May 31, 2020. The inventory of homes from luxury (181) is 39% ahead of the May 2020 inventory (130 homes). The pace of new sales (45) in May of this year is 36% higher than a year ago (33) and 5% higher than last month (43). The market close for luxury homes was 52 days in May, down from 62 days a year ago. That compares to 40 days on the market for all of the county’s closed properties in May. There is a four month supply of luxury property inventory based on the current sales pace versus a one month supply in the overall Sonoma County market. Over the past four months, luxury homes in Sonoma County have sold for around 98% of the original list price.

For more information, please contact Gerrett Snedaker at 707-939-2009 or [email protected]

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